Hungary

B

Mining

During the Communist period, all subsurface resources were the property of the state and were exploited exclusively by the Hungarian government, except for uranium ore, which was mined by an agency of the USSR. The leading minerals, with annual production totals in 2004, are coal (13.2 million tonnes), bauxite (647,000 tonnes), oil (9.13 million barrels), and natural gas (2.94 billion cu m/104 billion cu ft).

C

Manufacturing

Limited in natural resources, Hungary is dependent on imports of raw materials for its rapidly developing industries. Leading manufactures, with their annual production in the early 1990s, were crude steel (1.7 million tonnes), rolled steel (1.8 million tonnes), aluminium (27,900 tonnes), cement (2.5 million tonnes), and leather footwear (11.7 million pairs). Other major manufactures include lathes, buses, tractors, motorcycles, diesel engines, television sets and radios, sewing machines, engineering products, chemicals, fertilizers, prefabricated building materials, and cotton textiles. The processing of agricultural products is also important.

D

Tourism

The tourist industry is an important and well-developed part of the economy. Budapest is a popular destination with visitors and enjoys a reputation as one of Europe’s most elegant cities. The highland forests of the Northern Uplands and Lake Balaton, the largest lake in central Europe, with its many shore-side resorts, are other popular destinations. In 2006 about 9.26 million visitors generated a revenue of about US$2,119 million.

E

Currency and Banking

The monetary unit of Hungary is the forint of 100 fillér (174.17 forints equalled US$1; early 2008). All banking activities are controlled by the National Bank of Hungary (Magyar Nemzeti Bank). The National Bank issues currency and maintains current and savings accounts. The Foreign Trade Bank serves enterprises trading abroad, and the State Development Bank finances large-scale investment projects. There were more than 30 commercial banks operating in the early 1990s.

F

Commerce and Trade

During the Communist period, all wholesale and most retail enterprises in Hungary were under state supervision. About half the annual foreign trade was with the USSR and other Communist nations, but trade with Western Europe increased substantially, especially during the 1980s. The Budapest Stock Exchange reopened in 1990, and in 1995 was the first in Central Europe to gain recognition as a properly regulated stock exchange. The principal exports of Hungary are machinery and transport equipment, agricultural products, chemicals, apparel, textiles, iron and steel, and wine. The leading imports include machinery and transport equipment, crude petroleum, chemicals, and metal ores. In 2003 the total value of imports was US$46,394 million, whilst exports amounted to US$42,309 million.